Cathie Wood’s ARK Invest has acquired an additional $15.6 million worth of shares in Bitmine Immersion Technologies (BMNR), lifting its total stake in the company to over $300 million.
The purchases were made on Wednesday across three of ARK’s funds. The ARK Innovation ETF (ARKK) led the move with 227,569 shares, followed by the ARK Next Generation Internet ETF (ARKW) with 70,991 shares, and the ARK Fintech Innovation ETF (ARKF), which added 40,553 shares.
ARK Invest’s position in BitMine — viewed by many as a proxy bet on Ether — has grown to nearly half the size of its stake in Coinbase. The firm still holds about $676 million in COIN shares, even after offloading 5,721 shares last week.
Cathie Wood first entered BitMine on July 21, when ARK snapped up $174 million worth of shares across three funds in a single day. Another $17 million purchase followed on Aug. 2.
Known for its bold bets on disruptive technologies such as blockchain, artificial intelligence, and gene editing, ARK’s latest moves signal a strong conviction in Ether-focused treasury firms. BitMine’s own ETH holdings have recently surged to $7.5 billion, underscoring its role as a major player in the sector.
Crypto stocks additions
ARK Invest has also been ramping up its exposure to other crypto-related equities.
Over the past week, the firm added to its positions with $21.2 million in Bullish stock and $16.2 million in Robinhood Markets shares on Aug. 20. As of Wednesday, ARK’s total Robinhood holdings stood at roughly $543 million across its funds.
Earlier in August, ARK also picked up $19.2 million worth of Block shares, marking a reversal after an extended period of selling the stock.
Bitmine shares fall
Bitmine shares closed Wednesday at $46.03, down nearly 8% on the day, before slipping another 2.22% in after-hours trading to $45.01, according to Google Finance.
Even with the pullback, the stock remains up an impressive 490% year-to-date.
For the quarter ended in May, Bitmine reported $2.05 million in revenue, a 67.5% increase from the same period last year, while its net profit margin improved by 43%.
